In fact, Savills estimates that 58% of demand is for homes costing less than £450 per square foot, which accounts for just 15% of the five-year build forecast.

As a result, while many homes have already sold off plan, more will be completed unsold this year than at any time over the past decades, according to Savills.

Between 2013 and 2016, 13,500 more homes were started than sold. Savills, meanwhile, estimates that unsold, finished homes will total 2,800 this year, up from 1,000 last year.

This is particularly prevalent in the luxury sector where sales have slowed thanks to hefty stamp duty increases and uncertainty surrounding Brexit.

While the mainstream market has been constrained by stretched affordability, there were 1.6 starts for every sale above the £1,000 -per-square-foot-price point during 2015 and 2016, accounting for nearly half of the 13,500 overshoot, the report stated.